spending. >> all right. it looks like we'll go out below that number. so it looks like the dow will have its worst week of the year. [ bell ringing ] this week, yields on the 10-year going to a two-year high. more now on the second hour of the "closing bell," "summer on the street" continues. have a good weekend, everybody. and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo outside the stork stock exchange for our "summer on the street" series. we're having the market close unchanged, but it's the worst week of the year, this friday caps the worst week of 2013 for stocks. look at how we're finishing the day on this pretty tough week for the street. the dow jones industrials average down about 18.75 to 15,093. the nasdaq gave up 1.75, close but no cigar on nasdaq, it tried several times to stay positive.

s&p 500 down 5.50 at 1,655. the dow clocking its worst weekly drop of the year. we want to get into it with bob pisani who has the damage ass s assessment. what a week, bob. >> reporter: yeah. and it was not a beautiful close at all. but i guess better than it was earlier in the day. put up the dow jones industrials average. we were much lower today. we had a modest little rally in consumer names like coca-cola, just around 3:00. but it did end in the red. put up the s&p 500. i want to point out in addition to the interest rate rise that was the real pressure on the stock market, the s&p also broke through its 50-day moving average. that was about 1,657. around 1:00 eastern time. and you see the decline there. i think technicals played a role in the drop that we saw today. other than that, put that 10-year yield up. there's the star of the week here influencing the stock market. in a way like nothing else did. two-year high in the 10-year. still no sign of imminent top in that particular interest area. interest-rate sensitive stocks, a tough week overall.

utility stocks, telecom stocks, real estate investment trusts, even homebuilders, despite a modest two-day rally, all to the downside. it was an ugly week for retail stocks. three department stores, as well as walmart, cut their 2014 profit outlook. here's where we were for stocks in the retail group. macy's down 7%. nordstrom's, walmart. kohl's ended to the upside. some hope that maybe they were providing conservative guidance. new york stock exchange, just want to note, guys, a little bit of news. the s.e.c. did approve the merger with i.c.e. this sex pekted. only a few approvals in europe. i expect the deal will likely close in the very beginning of october, although they have not formally said that. how are we doing for next week? maria, big, big news on home depot and lowe's. remember, a lot of people are hiding out in the home improvement story, expecting big numbers, appliances and cabinets, sales have been good. the stocks have gone straight up for a year and a half. this has been the home

improvement play. any slowdown in the momentum will have a tough time for the stocks. the global markets for the week. we are lagging. remember we were outperform. it happied. germany up, even japan eked out a small gain. maria, have a good weekend. >> you too, bob, thank you so much. the stock market has turned two well-known bulls not into bears but cautious, definitely, for the near term. jack and ralph. jack, you're calling for a 10% correction, aren't you? >> i am. we hit an inflection note a couple of weeks ago. i sent out a note saying we've seen the top-line revenue growth start to contract and worse yet, something that is a warning signal for me, the notional value of the entire stock market has surpassed that of gdp. whether you get to those points, it's a bit of a warning signal, and you throw in the calendar

and the fact we have a lot of capitulation that took place, all lead to what i think will be the beginning of the 10% correction. we're starting to see it. >> and, ralph, i know you've been a long-term bull. you still think we're in a long-term secular bull market. yesterday, we talked on e-mail, and you said, you don't know if it's a bottom yet. you think stocks will do worse than that. you say we could see a 15% sell-off? >> yes. you know, jack is talking about the fundamentals, which obviously are very, very important. let me just talk about the technicals for a second. i watched -- i watched the market very, very carefully, maria. and there's an old adage on wall street, when good news can't take the stock market up, that's bad news. and the last couple of weeks, we've been hit with good news coming out of china, coming out of the you'euro zone, and we faltered. that bothers me. so what i did is i took a good look inside the dow jones industrials average. i studied the 30 components. and there are some stocks in tl

that look awfully heavy. when i say heavy, it's not two weeks of churning. it's three or four months of churning. and that concerns me. home depot, coca-cola, ibm, travelers, walmart, disney. you have to be careful. i think it could -- by the way, in that same study, i took the downside risks for all 30 dow stocks. i didn't make this number up, but it came out this way. it came out 1 e to 13,333.33. that's about 15% from the top to the bottom. i -- and i tell my -- i tell my friends who have participated in those stocks and have done very well, i think a prudent bull should take a little profit. we can reinvest that later. that's my stance. >> mm-hmm. so what's later, though? so you're looking for a 15% sell-off. are you saying that this is going to be this way until year end? or is this going to be -- >> no, no. >> how will this look, ralph? >> that's a great question. no, i don't think it's year end. no, maria, i think it's the

next -- i couldn't be very precise, but i think the next two months we'll have choppiness to a downward market. >> that's right. >> when i really feel comfortable, and i think that'll probably be in october sometime, i think we can have a very strong year end rally. and maybe new highs. >> okay, jack -- all right. new highs after the tough period ends. >> yes. >> what do you want to do, then, as an investor right now? first you, jack? what are you recommending that investors do? >> it's funny, because ralph probably read exactly what i was going to say. i think he's right on target. what i've been suggesting is not to sell out anything, but take your positions, take your portfolio, and protect it. you know, if there's ever a time to have 100% protection on your portfolio, these next couple of months are it. you know, one other thing i want to throw in as a black swan event is changing of the guard at the big chair and the federal reserve. two times in my investing life we saw that happen, and it was followed by a big break in the market. look, i used don't want to be

caught flat-footed when we see the changing of the guard there, too. >> yeah. >> ralph, what about you? >> well, you really -- yeah, you really can't predict black swans, although i appreciate that. but it is out there. and as far as i'm concerned, i think i mentioned it before, i think you go through your portfolio. you know, bulls make money, bears make money, pigs get slaughtered. we have a lot of profits out there. and i think it's prude own that you take some. that's all i'm saying. personally i've been doing that for the last two weeks. >> so let me ask you guys this. what about the tapering? ralph, do you think the tapering begins next month? >> you know, that's really not in my belly wick. i think the market is saying it will come fairly soon. >> what about you, jack? >> no, i don't think so, maria. i agree with steve liesman saying earlier.

the numbers don't justify it. the feds are coming out and saying the numbers don't justify it. we're data dependent. unless we see great numbers over the next month or so, i don't see it happening in the the end of the year or q1 of '14. >> yeah, i sort of agree with you on that, because the numbers are not there. we know the metrics the fed is looking at. all right, guys, thank you very much. we appreciate your insights on a tough week on wall street. we'll see you soon. jack, ralph, thank you. a tough week on wall street. let's get to dominic for the big shakers this week. >> reporter: let's kick it off with apple. it got a big boost as carl icahn took a stake and took to twitter to tell the world about it. icahn tweeted on tuesday he was an apple shareholder and bought $1 billion worth of stock. he's pushing apple to put some of its vast fortunes of cash to work by buying back its own shares and icahn's tweet added $30 billion to apple's market value. let's stick with tech, because cisco was a drag on the tech sector earlier. it reported quarterly results

that managed to beat analysts' estimates but offered a quarter forecast that disappointed investors. cisco also announced 4,000 job cuts and ceo john chambers called the global economy, quote, challenging and inconsistent. meanwhile, gold miners had a big week on the heels of rising precious metal prices. big names like baric gold, newmont mining, showing gold and strength as prices rose in response to things like a stock market jitter and, of course, political unrest in egypt. a lot of movers. back over to you. >> all right, thank you so much. most of wall street is happy to put this week in the books, but will next week and the rest of august be any better? our all-star panel will weigh in next. then, the steve jobs biopic starring ashton kutcher. an apple confidante gives us his take on the film. golden opportut and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids.

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welcome back. the last time the dow had a week this bad was late june. it declined 1.8% at that point. after that, it went on to jump and went on a winning streak for the next month and a half. will we see that kind of rebound this time around, or are we

headed lower? joining me to answer that question, talk more about investing, is jeffrey from raymond james and eric schoenstein from jenson portfolio. thank you very much, kbies. eric, let me kick this off with you. what have you been doing in this market? >> well, maria, we are equity investors at our core, so we're still finding opportunities. i think the key is to look for those opportunities that can be more of an all-weather sort of company, particularly given what's been going on more recently. you know, that's really what we're thinking about is where can we find those longer-term, more consistent opportunities in a market that's a little bit choppy? >> all right. and in terms of choppy market, jeff, how do you want to allocate capital here from your standpoint? >> well, i agree with eric longer tell. i think the odds we're in a new secular bull market remains high. as you know, for the past, i don't know, four, five months, i have been targeting mid-july, mid-august as the first window of a decent or meaningful decline of the year. i don't think it's over with

yet. i think we're going lower. you use that decline to recommit capital and rearrange portfolios. >> okay. so do you think we're going to see further selling from here? i mean, a lot of people seem to be worried about a near-term continuation of this selling. is that where you are? >> i am. i do think -- i think you're going to go down and break with the 1,600 and probably test the june 24 -- the june 24th lows, and somewhere down there it should be bought. >> and in terms of putting money into some of the leadership groups -- for example, financials was one -- eric, would you buy financials here? >> well, i think we don't, in our particular case, don't see a lot in the financials area that qualifies for the kinds of companies that we're looking for. a little bit -- >> you're looking for growth, right? you're looking for growth. >> we are looking for growth. we're looking for consistent growth. and i think that's one of the keys that can help to differentiate what investors are thinking about, particularly as they're probably facing -- as jeff alluded to -- the potential for more slippage.

you know, there's a lot of concern about when tapering comes, if it comes, and with that, volatility. consistency can be a way to play out against the volatility in a more positive fashion. >> okay. and in terms of, jeff, avoiding. what do you want to avoid here, if, in fact, we are going to see the selling continue? are there areas you think will be the leadership on the downside? >> i have been avoiding utilities, consumer staples, and telecommunications, because on a historic blush, they are rather expensive sectors right here. most of the other sectors i like. and again, we raised cash coming in to july based on that window of vulnerability, and if we do get the kind of decline i'm looking for, i have every intention of putting that cash back to work in the other sectors. >> okay. in terms of the bond market, as rates move higher, do you want to put some money into fixed income? are you expecting rates to continue ticking up? because, you know, i don't know where you are on tapering, but

it's interesting to see the market anticipation, reaction in the bond market. >> who's that directed to? >> go ahead, jeff. you take it. >> i think the secular bull market in bonds ended in july of last year. i think we're in a secular bear market in bonds. i think it's probably overdone. on a near-term basis. you probably will get some kind of rally that will begin in the next week or two, in the fixed income complex. but it's a rally to sell. because i think when rates normalize, you're going to be north of 5% on the 10-year treasury. >> eric, do you agree? do you -- do you see that happening? >> well, i think one of the things that i think is worth noting here is that as those yields have gone up, what you've seen -- you know, you look at the equity markets the same way, the bonds bond proxy-like stocks that are high-yields sorts of situations, those have all suffered, you know, pretty dramatically, whether it's utilities or others like that. the opportunity for growth as we

would like to look at it is you move away from those things that perhaps are a little more interest rate sensitive, and, therefore, into things that are perhaps a bit more defensive or all-weather. so, you know, take a company like an adp, for instance, which capitalizes on, you know, the hr need of higher to retire, and with all of the new regulations, it's constantly in the sweet spot for providing companies opportunities to be more efficie efficient, they're very consistent regardless of what interest rates are. and as interest rates rise because of all of the cash they hold, they get a kicker from that earnings stream off of the cash they hold for their clients. >> all right. we'll leave it there. gentlemen, thank you so much. enjoy your insights and appreciate your time tonight. we'll see you soon. >> you bet. >> thank you. >> have a good weekend, guys. enjoy the sunshine on wall street while it's here. we've got some storms headed our way. our john harwood has the lowdown on the showdown coming up over the debt ceiling. it would be washington consumption at its worst. he'll also get you up to speed

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and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online instantly with the game changing app from ink. we didn't get into business to spend time managing receipts, that's why we have ink. we like being in business because we like being creative, we like interacting with people. so you have time to focus on the things you love. ink from chase. so you can. welcome back. so larry summers, the chance of him becoming the next chairman of the federal reserve, is it on the rise? john harwood now with this breaking story. john, over to you. >> reporter: maria, that's what we're all watching. we're not at the finish line of the process yet. the president says he's going to make a decision this fall. but we're getting close to the finish line. let me just emphasize a couple of things about that.

one is only the president and a very small number of aides actually know his thinking. other people may get shards of information and are trying to draw conclusions from that. secondly, janet yellen, the vice-chair, is the favor of many liberal democrat, including a significant chunk in the senate. but larry summers appears to be the favorite among white house staffers and, of course, he worked very closely with president obama as the head of his economic council. i talked to one source today, pretty well informed as an outsider can be, who pegged the chances that larry summers will get this pick out 2 out of 3. of course, we've got to wait and see if that reflects the president's thinking, and we should find out in a few weeks, maria. >> that's terrific scoop, john. so you also have some news on the battle brewing over the debt ceiling, right? >> reporter: well, it could be related. you know, the republican leadership was burned by what happened in 2011 when the debt crisis hurt their party's reputation.

they very much want to avoid a government shutdown, avoid a debt crisis. the administration believes that they want to do that, as well. the challenge will be how they bring along the republican base. it could be a contentious fall as we work out the continuing resolution, what happens to the sequester, what happens to the debt limit. and interestingly, the fed chair could play in that, because if you have a mort turbulent fed appointment process, which larry summers would almost invariably inspire, as opposed to janet yellen, that could expend some of the president's political capital as he is dealing with that debt crisis and government shutdown issue. so that will test whether or not he, in fact, is as convinced that summers is the best person for the job, as some outsiders have concluded. >> yeah, that's a -- that is certainly the insight and the concern. john, thank you so much. we'll keep watching that. with the looming debt ceiling fight, the fight about the new fed chairman, and an economy that certainly is not gang busters but, in fact, growing at

an anemic pace, will the fed end ease up on the stimulus next month? brian says yes. he's expecting it. but dartmouth's business school professor and economist matthew slaughter is on the other side. he thinks they could hold off. brian, there appears to be a growing school of thought, though, that the fed won't begin to taper in september, because we're not at the metrics that the fed talked about, 6.5% unemployment, 2% inflation. what do you think? >> well, i think that 6.5% unemployment, 2% inflation was more along the lines of when they were going to start thinking about raising interest rates. with regards to tapering, they've been very transparent about what the sequencing of this plan is going to look like. there's been a lot of attention, and specifically by the market on this september date. and i suspect that the fed's not going to want to go through this again some months from now. but i agree that the taper is probably going to be lighter than many had expected, maybe not the 25 billion taper, perhaps maybe even a $10 billion taper each month.

and what that probably means for the market is the market's selling the rumor of the taper. probably starts to think about buying the news at some point if we do get the taper light. >> matthew, what camp are you in? >> well, i think -- >> matthew? >> -- brian is right. the big issue -- yes -- that the chairman and others have talked about, it depends on the state of the economy. the labor market is healing, but it's definitely not healed. one of the big issues is that we're not growing as many jobs as we need, but the incomes are not high as many people need to support families. so chairman bernanke now is focused on the overall state of the labor market, and the overall state of the labor market is still kind of weak. and if you look at historically precedent, japan being one example among many, historically central banks have eased not long enough, and so a concern for the fed is not to start to tighten before the economy is really healing. >> yeah. >> so the question -- >> i agree. yeah, go ahead.

>> the question is whether a modest tapering of asset purchases really is tightening. so, you know, i think we're really -- we have to focus on what we're talking about here. i mean, we're kind of splitting hairs to say whether this is going to be a $75 billion asset purchase going forward, or $85 billion in asset purchase going forward. i continue to believe that the fed's going to continue to provide support to this economy going forward. but having testifily graphed this move -- telegraphed this move, likely start the normalization. when they were talking about it, we were averaging 150,000 jobs a month, now closer to 200,000. begin the long process of normalization. but to suggest that the fed is anywhere near taking away the proverbial punch bowl, i think, is very much overstating the environment that we're heading into. >> what's your take on interest rates? the 10-year now, what, 2.8%. perhaps that's doing some of the work for the fed. >> well, this is -- this is also just a normalization of interest rates, so where were we at the end of april?

somewhere around 1.6. that was a very overbought condition for u.s. treasury rates. if you think about where rates are tracked, it should be closer to the nominal growth rate of the economy, or the nominal growth potential of the economy. so in the first quarter, we did, you know, 1.7 in real gdp. we just saw it somewhat pick up in consumer prices, which leads to you nominal gdp of 3% or perhaps even higher. so the move from 1.6 to 2.8 is the normalization process. you're right, it is doing some of the work for the fed. look at mortgage applications. look at refi. it certainly helped to temper some of the activity in the housing market and the broad economy. so my point was to say they begin the tapering process, but certainly by no means are they considering a quick tightening of policy. anything but that. >> well, what do you think, matthew, what do you think the impact of the tapering will be? let's say, in september, you know, the consensus is right, and the fed goes from 85 billion to 65 billion in buying bonds

every month. what kind of an impact does that have on the markets? >> so a great question, and it goes to brian's insight. no one really knows. this is unchartered territory for the fed and the world economy. a scaling back of the rate of the increase of the fed balance sheet may have little impact. brian's right that long-term interest rates have been rising a lot in recent days, and getting back to something more normal historically. a good optimistic interpretation is that's the market expecting economic growth to take hold and to get back more towards traditional interest rates that are not at or near zero. and part of the other question about the impact, maria, it will depend on what else is happening in washington, d.c., and particularly john's insight about congress and the president and the debt ceiling. hopefully, that does not create a problem in the eyes of mark s markets, and hopefully even more fundamentally, they might be able to move beyond that and get to more fundamental issues such as immigration reform, corporate tax reform, policies that really can help strengthen the job market in a way that even the

fed can't. >> yeah, i think that's a great point. gentlemen, thank you very much. appreciate your time. >> thanks, maria. >> we'll see you soon. thank you so much. >> thank you. >> we will take a break. but if you think the u.s. economy is not in great shape, you haven't seen anything yet. things are apparently so bad in china that one zoo cannot afford a lion. so they're making it up. in fact, the zoo tried to pass off a tibetan mastiff, which is, of course, a dog, as an african lion. visitors were tipped off when the animal started barking. they do have fluffy manes. the zoo apologized saying they are doing their best in tough economic times and offered a refund to anybody unhappy with the displays. [ laughter ] and i just want to let the zookeepers know that my dog, ella bela, is always ready to work. she may not be as big as an adult lion, but she could pass

off as an cub. there she is, my little girl. coming back, the hottest back-to-school gadgets your kids will want, but something is surprisingly absent from this year's list. an apple product. yeah, we'll tell but it. speaking of apple, none of it would exist without steve jobs. it's been said his life is like a hollywood tale. we'll see if that's true when the movie "jobs" opens up today. one of the closest associates will weigh in on the man and the movie. stay with "closing bell." we're back in a moment, friday afternoon, outside wall street. d preserve the point... before a credit solution was used to expand their business... before trusts were created for their grandkids' educations... they chose a partner to help manage their wealth... one whose insights, solutions, and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust.

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. if you keep heading down this path, i will not protect you. >> it's a blatant rip-off. >> i'm going to sue you for every cent! >> that was a clip from "jobs," the biopic about steve jobs, which is hitting theaters today. the movie's release recalls the creative genius behind the company that revolutionized technology and really changed the world. joining us now to talk more about it in a cnbc exclusive is the man who worked a few stints at apple with steve jobs. he's guy kawasaki, a special advisor to google's motorola

business. good to see you, sir. thank you for joining us. >> thank you. thank you for having me. >> now, i'm told you are not going to see this movie. >> well, i might see it. i haven't seen it yet. you know, it's early in the day in california. >> why -- okay. someone said, i probably won't go see it. is there a reason that you may not go see it? >> well, the -- yeah, well, the issue is when you've lived in it, it's not clear that you also want to read about it, or if you even want to see a movie about it. the experience of working for steve jobs was monumental in my life. arguably, i would not be where i am without steve jobs. and so, there is no movie, there is no book that could accurat y accurately, emotionally, and just romantically encapsulate that experience. steve jobs was a remarkable person. you know, poor ashton. he has to, like, fill the shoes of that, and maybe only for two

hours. but it is a huge task. >> yeah, for sure. and we had ashton kutcher on last week, actually, talking about it. he said he was terrified to even play the role. but let me ask you, since you lived the real life, working with steve job, the film portrays him as being somewhat complicated. you know, he fires somebody in the middle of a meeting because -- >> yes. >> -- he doesn't like -- just get out, get out. you know, he leaves the girlfriend when he finds out she was pregnant. i mean, tell me about steve jobs, the man, and the leader. >> well, steve jobs, the man and the leader, was remarkable. i mean, he created things like apple one, apple two, macintosh, iphone, ipod, ipad. i mean, that's six things that he created. most people cannot create one of those things. so for all the negativity you may hear about some of his other aspects of his character, which many -- which are true -- he did

do remarkable things. and there are many people who have, shall i say, similar flaws, but have done nothing close to as remarkable. >> yeah, no kidding, you're right. well, i guess my question really was about how work was 24/7. >> yes. >> you know, working on products was dominant in his life and leading the company as opposed -- so i think it hurt his personal life in some way, that's according to the movie. again, it's movie. now, i spoke to ashton kutcher about the role. and i want you to listen to what he had to say and one of his observations. listen to this. >> he was complicated in so much as he was very aggressive leader. and he had a brutal blunt honesty that a lot of people, i think, are afraid to have. i think it was his strength, but it was always -- at some points, it was also his fault.

when he gave feedback to people, he didn't care whether or not they liked him, or whether what they were doing was making his product better. >> so was that the steve jobs you knew and saw? >> yes. that absolutely is the steve jobs that i knew and saw and loved. but, you know, i'll give you a very telling sort of piece of evidence. so there were about 100 of us to work in the macintosh division. this is 1982, '83, '84, up to '87 maybe. about 100 people. i dare say if you ask any of the 100 people would you do that macintosh division again, would you work for steve jobs again, every one of us would say absolutely. it was the greatest experience of our lives. so that's really what counts. i would not trade that period of my life for any other period of my life. it was a great time.

>> so you spent quite a time at apple in your career. >> yes. >> what was your experience like in terms of working within a group with steve? talk to us more about the company under steve's leadership and do you think -- is it possible that talented people like yourself are going to continue to gravitate toward apple without steve there? >> well, i'm a macintosh user to this day, although i must admit i switched to the android, you know, motorola phones. but working for steve jobs was very interesting, because you lived in fear. honestly. every hr best practice you've read about, about self-actualizing goals, enabling people to reach their new promise. steve jobs didn't believe in any of that. i'll tell you, i lived in fear. i lived in fear that steve jobs would embarrass me by telling me that i was a piece of crap. and he would do this in front of 100 other people. and that is a very big motivating factor. i did my best work in my career

under those conditions. so contrary to all of the touchy-feely stuff that you may have heard about hr, that can get results, too. again, you know, none of us would trade experiences. >> even though you, at any moment, he could just rip you to shreds in front of the whole company? >> you know what, i'll tell you something, when you are working for steve jobs, when he ripped you for sh -- to shreds, he was right. and most people in this world, they're working for a boss who doesn't have the good taste, the good sense, the intelligence, the analytical powers, or the vision to tell you that you are doing crap. so that's why very talented people go to work for apple, because at apple, you can do the best work of your life. >> yeah. that's a great point. let me ask you right now, you know, a lot of talk about apple, the stock has been doing well again. >> uh-huh. >> carl icahn tweeted that he took a big stake in apple.

>> yeah. >> what do you think about that? now we have the activist investors involved. do you think activists would be involved in apple if steve jobs were running the company? >> no. not at all. >> no, i know, you're probably right. he'd rip them to shred, right? >> well, you know, i hope apple's answer to innovation without steve jobs is to tweet about it. it's not how people pick their computers, phones, or tablets. what apple has to do now is get to the next curve, jump curves again. >> can they do it? >> tbd. we'll see. nobody knows yet. simply revising iphone and simply revising macintosh can only take you so far. yes. >> yeah. that's not going to work. guy, good to have you on the program. thank you so much. >> thank you. >> guy kawasaki joining us, garage technology ventures. another day of rage in egypt, meanwhile. up next, we'll go live to cairo and get the latest on the

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ayeman, over to you. >> reporter: maria, for a third straight night, the interim government here is imposing a curfew on the capital of cairo, and cities all across the country. it comes on a day the muslim brotherhood and its supporters organized nationwide protests under the banner "a day of rage." in fact, 20 different protests koj converged on the capital. the government here say it is is fighting a war against terrorism, because many of those participating in the marches were wielding weapons, some attacking police and government buildings and causing confrontations with local residents. in the eyes of the supporters of the ousted president morsi and muslim of brotherhood, they were engaged in peaceful protests, but they said they came under attack by the security forces. they say more than 80 people were killed as a result of the attacks by the military and the

police in this area. the situation here remains extremely volatile. the military has been deployed in various parts of cairo. they are still out in large numbers trying to maintain security throughout the course of the night and in tomorrow morning, because tomorrow will certainly be another day of protests. the muslim brotherhood insists it will not step down or back down from what they are calling a military takeover of the government. maria? >> an unbelievable story and the developments keep coming. ayman, thank you very much. will tensions in egypt drive crude oil prices higher? we want to get into the action with brian stutland. brian, does the egyptian situation mean that oil is going to move higher? >> well, certainly a little bit of fear coming out of egypt is going to put some upward pricing pressure on oil. it maybe even costs oil to test the 109 area that's been resistant. listen, maria, i probably give it a 5% chance there's actually oil disruption out of the suez

canal and problems with that. the fact remains that oil production, you know, 23% is coming out of the gulf of mexico here in the u.s., so it doesn't affect the u.s. as much. but oil is a global market here, and it trades globally. yeah, if there's problems there and people are worried it will put upward pressure here and certainly the real story is the inventories and where we've seen those gone in oil over the last seven weeks now. we've seen inventories basically decline, that's putting upward pressure on oil here, a break above 100, i think if we get above 109 we're headed to 120 on oil per barrel. put your buys in and i think you have upside exposure in there. >> yeah, really fascinating, even though we're not even talking about oil coming from egypt. that's the scoop. thanks so much, brian. for more action, tune in to "options action" after "fast money" after "closing bell." all right, everybody, tgif! we're coming to you from outside the new york stock exchange. got a big crowd with me. hi, everybody. [ cheers ] all right.

tgif. huh? it is friday. it is beautiful out. let me ask you a question, okay? this is really a funny study that i want to get your take on. so there's a new study that says people who drive more expensive cars are the biggest jerks on the road. bmw drivers topping the list. who agrees with this study? nooo! bad, bad. so bmw, good, good. all right. so how come y'all came down to the new york stock exchange? are you foreigners? new yorkers? how many from out of state? >> out of country. >> japan. >> out of country. fantastic. how about local? who's from new york? good for you. new yorkers. you are jordan? >> yes. >> what brings you down here today? >> i have a friend visiting from florida, so i decided to take him down to see the memorial and come down to the stock exchange. >> excellent. what about you? >> it's my birthday weekend, so we're here from miami. >> happy birthday, maya. drew, real quick, what are you doing here? >> came up from florida, having

a great time. >> awesome. enjoy. thank you for joining us, everybody. we'll take a short break and back with a big crowd outside the new york stock exchange. back in a moment. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. [ male announcer ] i've seen incredible things.

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welcome back. it's the summer friday here on the "closing bell." we are taking you into the fast lane right now for the weekend. we've got phil lebeau on the rollout of general motors's highly anticipated 7th generation corvette, plus our wealth editor fancy cars over there? >> yeah, well, you know, vintage cars, collectible cars have been fantastic investments, up 22% this year, but some wonder whether prices have gone up just too far too fast. let me tell you what i'm talking about. there's a 1939 mercedesroadster that is expected to sell for $7 million. 1955 ferrari, expected to sell

for twice that. ferraris up 50%. prices far below their peak before the crisis. wealthy collectors here tell me that rising values help they justify an otherwise expensive hobby. let's take a listen. >> we're all nuts here. we have sort of motor oil in our veins and we think this is a great investment. and just so happens it worked out. >> reporter: thought i found one car i could afford, not this one, a bugati, sell for $8 million, one of the stars of the show. it's this car. this is actually a toy pedal car from the 1950s a good buy for the kids. estimate on this? 50 to $75,000. into amount of money, i think i would rather one of phil lebeau's new corvette, though this is good on gas. back to you. >> that is a beautiful car,

robert. that is amazing actually. thank you so much, robert. stay right there want to shift gears, go to general motors, hotly anticipated seven generation corvette. this is the 2014 stingray, expected to go on sale later this year, but will the buyers come? phil lebeau with the story. over to you, phil. >> gm is hoping there will be plenty of buyers for the new corvette stingray when it rolls on sale, goes on sale, rolls into show room later this year, see it the next couple of months, start under $52,000. keep in mind, corvette sales are down 62% in the last seven years. in fact, when you look at sports car sales this year, luxury sports car sales this year, take a look at the core investigator the sixth generation, versus the porsche 911. you can see the porsche 911 almost selling as many as chevy has sold of the corvette with sales up 20% for porsche. for corvette, once it came out with the new stingray and unveiled at the detroit auto

show, immediately, people said huge improvement with the interiors. that is what gm is expecting will bring more people in the showrooms. always one of those cars that gives you great bang for the buck, now saying it has the styling and performance to match what the german automakers put out. quickly take a look at general motors the last couple of years. keep in mind, maria, there was a time when gm was in bankruptcy, they scrapped plans to come out with a new stingray, new corvette. obviously, that has changed. rolling into showrooms later this year. maria? >> wow. that is hot. 3.8 seconds, a gorgeous car. let me ask you guys a subtle question, i don't know if you heard what i asked the car earlier there is a study out that says people who drive expensive cars are the biggest jerks on the road and they put bmw at the top. do you think bmw drivers are jerks? >> no. what do you want me to say, maria? i don't think so. robert? >> keep in mind, prius drivers,

i think prius drivers were either at the top of the list, above bmw, a close second. conan o'brien said prias drivers couldn't drive, they are too busy patting themselves on the back. i think it is one study, one intersection and tough to make generalizations about what anyone drives. >> of course. of course. come on, that is so silly, it is unbelievable. i still wanted to get your take on t now, wait, you have an audi, right? bill griffeth drives a bmw, i'm going to ask him. >> i do >> you guys, thanks very much. up next, back to school, the hottest new gadgets that will help school kids, old and young, stay ahead of the class and keep them cool in school. keep it right here. [ male announcer ] come to the golden opportunity sales event and experience the connectivity of the available lexus enform, including the es and rx. ♪ this is the pursuit of perfection. a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers

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including the lexus es and ct hybrids. ♪ this is the pursuit of perfection. welcome back. student cries the country are on their way back to school or gearing up to go back to school. we thought parents willing to splurge a bit beyond the notebooks and pencils and calculators, our next guest has some higher-end gadgets that parents might want to throw in the backpacks. i'm talking now to technobuffalo executive director todd hazelton, here with some goods. good to see you. >> good to see you, too. >> thanks for joining us? backpack? >> $100, tablet sleeve right

here and moving back, the sleeve for your notebook as well. it is protected, nice and rugged. like that bag. >> light. >> next, google 7, amazing high res screen and google play textbooks is out, offering -- >> looks like a miniipad. >> like an ipad minibut much nicer display on it, about $100 less. >> how much does this retail for? >> 229. >> what about this little thing it is holding? >> a toddy pad. >> look at this. doubles as a screen cleaner, exactly what this is, microfiber cloth. rest it on there. >> okay. >> that is also a microfiber cloth, various patterns to match your dorm room. >> so, in other words to clean your device? >> right. >> perfect. a usb schaffer, if off long night in the lab and make sure you're shaved up for class, charge it up on your computer. here is the htc 1 -- >> how much is this? the schaffer? >> $30. verizon announced it is coming soon and sprint announced the red model, one of my favorite

android handsets on the market if he not my favorite. >> android? you like that? >> right. >> i'm noticing a lack of apple products. ask you that. >> sure. the power skin, a pop and go charger, slides onto your phone, sits just like this and gives you battery power on the go and you can see how much is left. >> i like that a lot. how much is that? >> about $30 as well. >> okay. >> here an evernote smart notebook with moleskin support. what you do, place the stickers on the page here, told myself to come to cnbc today and on your smartphone, search through your notes and handwriting and everything like that, down the have to bring your notebook every where. >> wow, interesting. >> $35 chrome cast, like an am tv, take your android or iphone and you can send anything from youtube videos to netflix videos right to your tv. >> how come you don't have any apple products? >> good question. that is because apple has an event on september 10th. i think we will see the new iphone there iphone 5 c at the lower end of the iphone 5 s,

replace the 5. >> smart stick cable controller. >> like the chrome pass, an droirkd puts android on your tv. this is a bluetooth keyboard, use your tablet on your tv. this is a raven bluetooth speaker that i like. >> just a speaker? we got to run. this is cool. i like this. how much is this? >> 100 bucks. >> have a great weekend, everybody! thanks for joining us, everybody! and live from the nasdaq market site right here in new york's times square, i'm mandy drury, sitting in for melissa lee. happy friday, everybody. our traders tonight are josh brown, dan nave, steve grasso and mr. bk. the big story fast is following now. summer bum, the dow and the sap dropping again today, posting their worst three-day l